Merchants & Mechanics Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: October 23, 1929
Location: Grafton, West Virginia (39.341, -80.019)

Metadata

Model: gpt-5-mini
Short Digest: 28686932

Response Measures

None

Description

Article (Pittsburgh Sun-Telegraph, 1929-10-24) reports the Merchants and Mechanics Savings Bank failed to open and was placed in the hands of the State Department of Banking for liquidation. The story explicitly states there was no run or rumors. Cause of suspension/closure is insolvency-related (depleted reserves/uncollectible assets) and the state department took action.

Events (1)

1. October 23, 1929 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Depleted reserves from unusual withdrawals and inability to collect assets; bank placed in hands of State Department of Banking for liquidation.
Newspaper Excerpt: because of depleted reserve occasioned by unusual withdrawals and our inability to collect assets, the bank had been placed in the hands of the State Department of Banking for liquidation.
Source: newspapers

Newspaper Articles (1)

1. October 24, 1929 Pittsburgh Sun-Telegraph Pittsburgh, PA

Article from Pittsburgh Sun-Telegraph, October 24, 1929

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Article Text

Grafton Bank Closes Its Doors GRAFTON, W. Va., Oct. statement posted on the door of the Merchants and MechanIca Savings Bank when it failed to open for business yesterday announced that "because of depleted reserve occasioned by unusual withdrawals and our inability to collect assets," the bank had been placed in the hands of the State Department of Banking for liquidation. There was no run on the bank nor rumors that the business was in dangerous condition when the announcement was posted.